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Reading: Spot Bitcoin ETFs Surge in Trading Volume Despite Price Dip
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COINTURK NEWS > Bitcoin News > Spot Bitcoin ETFs Surge in Trading Volume Despite Price Dip
Bitcoin News

Spot Bitcoin ETFs Surge in Trading Volume Despite Price Dip

In Brief

  • Spot Bitcoin ETFs exceed $6 billion in cumulative volume.

  • Notable comments from a senior ETF analyst at Bloomberg Intelligence.

  • Bitcoin's price drop to below $44,000 impacts investors.

COINTURK NEWS
COINTURK NEWS 1 year ago
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Spot Bitcoin ETF products began their second active trading day on January 12, as the market value of the world’s largest cryptocurrency fell below the $45,000 level, yet the ETF products quickly managed to surpass a cumulative volume of $6 billion. On the first trading day of the Spot Bitcoin ETF products, approximately $4.6 billion worth of transactions took place.

Contents
Prominent Figure Makes Striking StatementsWhat’s Happening in the ETF Space?

Prominent Figure Makes Striking Statements

According to data provided by Yahoo Finance, the ETF products saw $905 million in activity on their second day. Bloomberg Intelligence senior ETF analyst Eric Balchunas shared his thoughts on the morning of January 12, referring to the first day of trading:

“According to all data; volume, number of transactions, flows, media coverage, it was a historic success. And this success occurred despite limited platform availability.”

BlackRock’s spot Bitcoin ETF product led all other newly launched crypto-based products with just over $1 billion in transactions on January 11. Balchunas ranked BlackRock’s fund as one of the top 25 best first-day performances in ETF history.

What’s Happening in the ETF Space?

Grayscale, led the category funds with a volume of $2.3 billion on January 11, but the institution’s fund is in a different class compared to other products since it is a transformation of the flagship GBTC fund. In the early hours of January 12, Grayscale managed to lead all spot Bitcoin ETF products again with a second-day volume of $470 million. BlackRock was in second place with $212 million early in the day.

However, according to preliminary data provided by Bloomberg, Bitwise’s ETF product may have led other spot Bitcoin funds with significant data entries on January 11, with $238 million of new capital joining the fund.

The data shows that following Bitwise, Fidelity was in second place with an entry of $227 million, and BlackRock recorded a net entry of $111 million. However, these figures could change, and there could be an increase in these numbers. During this process, Bitcoin’s price drop to below $44,000 after seeing a level of $49,000 in the last 24 hours has had a chilling effect on investors.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 12 January, 2024 - 10:11 pm 12 January, 2024 - 10:11 pm
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